There was a great jailbreak thing that predated this (and force touch) where you accessed the caret-placement mode by swiping across the keyboard. It was really great, and it never failed, which happens a lot for me with Apple's force touch implementation - I end up pressing harder and harder with no effect, until I have to give up and accept some random character getting inserted, then delete and try again. I think I had that jailbreak mod on an iPhone 4s.